 "Krishnamurthy Subramanian")
Chief Economic Advisor Krishnamurthy Subramanian said on Thursday that unless issues regarding banks taking substantial haircuts on sale of toxic assets were resolved, a bad bank would be of little help in addressing problems of non-performing assets in the financial system.
Speaking at a media briefing on recent actions by global ratings agencies, Subramanian said India’s sovereign rating being maintained and the stable outlook by Standard & Poor’s was good news, especially since the country is looking to list its sovereign bonds on global indices.
“This clears the path for us.”
He said India’s fundamentals demand a much better sovereign rating and the
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